- Prior month 60.7
- Current conditions 68.0 vs 58.6 preliminary
- Expectations 57.7 vs 66.8 preliminary
Inflation expectations
- One year inflation expectations 4.5% vs 4.4% preliminary
- Five year inflation expectations 3.4% vs 3.6% preliminary
The data has been soft across the board today, including this final UMich report. The market is now pricing 59 bps of easing by year-end vs 35 bps before the NFP report. That's a big jump and shows that the market is wary of the Fed being potentially late and therefore it's pricing the probability of larger cuts.
